On The Spot Blogs

Autumn Budget - Cheers From Your Town?

Today's Budget recognises the help needed by your local area such as retail and hospitality, with alcohol duty reduction and reform, 50% rates reduction for 1 year, property improvements not affecting your rates for 1 year, plus money directed to areas such regional theatres, community football pitches, cycling infrastructure, local minor roads and to local councils.

Keeping it local tends to favour small businesses who can now try to build on the support and appreciation received during lockdowns. Remember to increase your prices so your business keeps pace with inflation and your business remains viable. So, what else should you and your business know from today?

 

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2023 Corporation Tax Increase - 7 Ways To Keep It Low

 

INTRODUCTION

For annual group taxable profits over £50k, from 1 April 2023, the corporation tax rate will increase from 19% to 26.5% on additional profits between £50k up to £250k, after which 25% is charged on all profits over £250k.

Therefore reducing profits from say £100k to £50k saves 26.5% of £50k = £13,250. Or on profits in the entire 26.5% tax band from £50k to £250k, you might even get to save 26.5% of £200k, a corporation tax saving of £53k!

NB For close investment holding companies, 25% will apply to all your taxable profits.

 

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2021 Tax Year End Planning - Top Tips


Easter Monday is not only the end of a long bank holiday, it’s also the end of the tax year. Make sure you plan accordingly, so you can improve your nest egg before Easter 🐤 Please see our top tips below:

1. Income Tax Thresholds - £50k and £100k

These are crucially important to understand, to ensure you don’t pay more tax than you need to. Even if you benefit from a 0% tax rate on certain allowances, say the £2k dividend allowance, the £2k still counts towards these £50k and £100k thresholds.

 

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